Latch raises $70M for its apartment smart lock system

Latch announced this morning that it has raised $70 million in Series B funding.

The round was led by Brookfield Ventures, the investment arm of Brookfield Asset Management. As part of the deal, Brookfield Properties will also be installing Latch systems in its multi-family properties that are currently under development.

“We are thrilled to support Latch, the clear market leader in a nearly $25 billion space that is expected to grow at twice the rate of traditional access over the next several years,” said Brookfield’s Josh Raffaelli in the funding announcement.

Latch’s smart lock system is designed for apartment buildings rather than single-family homes, allowing you to open doors with a smartphone, keycard or door code. It also allows residents to create temporary access codes for guests and service providers.